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Cholamandalam Zero Depreciation Add-on Benefits
- 01
Higher Claim Amount
With the Zero Depreciation add-on, you do not have to pay for depreciation. The insurance company pays the full approved repair cost without cutting money for the car’s age. This means you get a higher claim amount.
- 02
Multiple Claims Even for Older Cars
With this add-on, you can make up to 2 claims in one policy period. The add-on is also available for cars that are up to 5 years old. So, if you take a 1-year policy every year, you can make up to 10 claims in 5 years.
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Depreciation Rate of Car- Without and With Chola MS Zero Depreciation Add-On
| Age of Car | Without the Zero Depreciation add-on | With the Zero Depreciation add-on |
|---|---|---|
| Under 6 months | Nil | 0% |
| 6 months to 1 year | 5% | 0% |
| 1 to 2 years | 10% | 0% |
| 2 to 3 years | 15% | 0% |
| 3 to 4 years | 25% | 0% |
| 4 to 5 years | 35% | 0% |
| 5 to 10 years | 40% | 0% |
| More than 10 years | 50% | 0% |
Depreciation Rates According to the Parts of the Car
| Parts of a Car | Without Zero Depreciation | With Zero Depreciation |
|---|---|---|
| Rubber/Nylon/Plastic parts | 50% | 0% |
| Fibre Glass Parts | 30% | 0% |
| Glass Parts | Nil | 0% |
Disclaimer: The given depreciation rates in the above tables are indicative. Check your policy document to get the exact terms and conditions.
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